Concerns over global trade tensions continue to support gold prices — Bloomberg

According to Reuters, gold prices climbed on Wednesday, recovering from losses in the previous session. The rebound was driven by increased demand from Asian traders and renewed worries over US President Donald Trump’s trade policy.

The precious metal gained 0.6% to $3,353 per ounce after a 0.8% drop on Tuesday. The rally followed Trump’s executive order doubling steel and aluminum tariffs to 50%, alongside escalating trade disputes with China and the EU. These factors overshadowed positive US job openings data, which had initially bolstered optimism about the American economy’s resilience.

Gold has surged nearly 28% year-to-date and now trades less than $200 below its April all-time high. Demand for safe-haven assets is rising as investors shift funds away from trade-sensitive instruments. Central banks are also a key driver, with their record gold purchases expected to persist amid escalating geopolitical risks and de-dollarization efforts.